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Starbucks Investors Approve Pay Package That Drops DEI Reference
“. Conservative activists have been targeting executive compensation that rewards leaders for meeting DEI goals because they
contend that such incentives might encourage illegal hiring behavior to meet company diversity targets.
It’s part of a broader backlash against corporate diversity programs after the US Supreme Court ruled that affirmative action in
college enrollment is illegal.
Strive Asset Management, an anti-activism fund company co-founded by former Republican presidential hopeful Vivek Ramaswamy, sent a letter to Southwest Airlines Co. in August warning it to end its executive compensation incentives for environmental and social goals. The group has also met privately with about a dozen large companies on the issue, according to Justin Danhof, Strive’s head of corporate governance, declining to name the companies.
Companies use compensation plans to highlight issues they believe are important to investors, employees, customers, and the general public, Tharp said. He added that opposition to the incentives, such as a letter last year from 13 state attorneys general questioning the legality of certain companies’ DEI plans, will definitely spark caution going forward.
Starbucks’s equality, social and governance goals will be part of a longer-term incentive program that makes up about 25% of bonuses that no longer mentions DEI, referring instead to “talent.”
The portion of the bonus paid for hitting financial targets rose to 75%, from 70%.”
https://www.yahoo.com/finance/news/starbucks-drops-executive-pay-package-211309810.html
#business
“. Conservative activists have been targeting executive compensation that rewards leaders for meeting DEI goals because they
contend that such incentives might encourage illegal hiring behavior to meet company diversity targets.
It’s part of a broader backlash against corporate diversity programs after the US Supreme Court ruled that affirmative action in
college enrollment is illegal.
Strive Asset Management, an anti-activism fund company co-founded by former Republican presidential hopeful Vivek Ramaswamy, sent a letter to Southwest Airlines Co. in August warning it to end its executive compensation incentives for environmental and social goals. The group has also met privately with about a dozen large companies on the issue, according to Justin Danhof, Strive’s head of corporate governance, declining to name the companies.
Companies use compensation plans to highlight issues they believe are important to investors, employees, customers, and the general public, Tharp said. He added that opposition to the incentives, such as a letter last year from 13 state attorneys general questioning the legality of certain companies’ DEI plans, will definitely spark caution going forward.
Starbucks’s equality, social and governance goals will be part of a longer-term incentive program that makes up about 25% of bonuses that no longer mentions DEI, referring instead to “talent.”
The portion of the bonus paid for hitting financial targets rose to 75%, from 70%.”
https://www.yahoo.com/finance/news/starbucks-drops-executive-pay-package-211309810.html
#business
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